As a Texas Estate Planning Attorney, I can tell you that you don’t have to be rich or own a lot of valuable assets to have an estate plan. That’s good news for millennials, most of whom haven’t had the time or financial means to save for retirement. Many of them are still paying down their student loans.
But even if you’re in debt, you should still have an estate plan. Why? Because estate planning is about much more than passing on wealth to your spouse and children.
If you are a millennial and you haven’t started planning for the future, here’s why you should.
Why Millennials Should Create an Estate Plan Now
Estate planning encompasses everything that you need to consider in the event that you get sick or pass away. For millennials, that means not only providing for the family but also helping them to make healthcare decisions in case of incapacitation. Serious injury and death can happen at any age, so if you want to help your family avoid things like probate and having to make difficult decisions, such as whether to take you off life support, it’s important to have all the proper documentation in place. If you and your significant other are not married, they may not have the legal right to make medical decisions for you if you are incapacitated. Death and illness are hard enough for loved ones without having to worry about going to court.
And what if you have children? Who will take care of them if you pass away? As a Texas estate planning attorney, I’ve seen plenty of cases turn into disasters because the deceased did not designate a guardian for their children. When you think about it, you know who you would like to raise your children if you aren’t able to. Why not put in writing and make it official?
How a Texas Estate Planning Attorney Can Help
If you are ready to start planning for the future, a Texas estate planning attorney can help guide you through the process. They will consider your situation and what kind of plan will serve you best. In fact, they probably know some things that you didn’t even know were possible or necessary to protect your estate. They will help you draw up the necessary documents, such as a living will or a trust, so that you can rest assured that you have everything in order. Don’t leave things to chance—get the professional help so that you can protect your loved ones.
Are you ready to create an estate plan that fits your needs? If you are tired of not knowing what is going to happen to your possessions and family when you are gone, get in touch with a Texas estate planning attorney at The Law Office of Whitney L. Thompson, PLLC today. I’ll give you the guidance you need to create an estate plan that actually works for you.